Market - Outlook - 09 - 09 - 2015 1

Market Outlook
September 9, 2015
Dealers Diary
Domestic Indices
Indian markets are expected to open positive tracking the SGX Nifty and global
markets.
Stocks in US moved sharply higher over the course of the trading day. buying
interest was generated in reaction to strength among Chinese stocks, which surged
higher in the latter part of the trading day.
The European markets ended Tuesday's session in the green with Eurozone economy
growing more than initially estimated in the second quarter. GDP advanced 0.4
percent sequentially after rising 0.5 percent a quarter ago. Also German exports
rose 2.4 percent month-on-month in July, which was the fastest growth since
December 2014.
Chg (%)
(Pts)
(Close)
BSE Sensex
1.7
424
25,318
Nifty
1.7
129
7,688
MID CAP
1.0
103
10,236
SMALL CAP
0.6
63
10,482
BSE HC
0.8
127
16,823
BSE PSU
1.8
114
6,529
BANKEX
3.6
652
18,702
AUTO
1.7
290
17,077
METAL
2.3
162
7,114
OIL & GAS
1.0
88
8,542
BSE IT
0.4
46
10,910
Chg (%)
(Pts)
(Close)
2.4
390
16,493
NASDAQ
2.7
128
4,812
FTSE
1.2
72
6,146
(2.4)
(433)
17,427
Hang Sang
3.3
676
21,259
Straits Times
1.2
33
2,885
Shanghai Com
2.9
90
3,170
Chg (%)
(Pts)
(Close)
The Indian markets rebounded strongly from initial losses on Tuesday, buoyed by
late recovery in Asia and a strong opening in European markets. Sentiment was
further bolstered after Moody's Investors Service said India's current account deficit is
likely to remain low supported by declining oil prices and the direction of economic
recovery would remain positive despite a slow recovery in industrial output
Global Indices
News & Result Analysis
Infosys Cleared of Visa Violation Charges in US

JK Tyres to enter two wheeler segment via trading route
Dow Jones
Nikkei
Refer detailed news analysis on the following page
Markets Today
Indian ADR
The trend deciding level for the day is 25,187 / 7,650 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally up
to 25,541 25,765 / 7,760 7,831 levels. However, if NIFTY trades below
25,187 / 7,650 levels for the first half-an-hour of trade then it may correct towards
24,964 24,610 / 7,578 7,468 levels.
INFY
3.1
0.5
$17.4
WIT
1.9
0.2
$11.8
IBN
2.1
0.2
$8.4
HDB
1.1
0.6
$56.9
Indices
S2
S1
PIVOT
R1
Advances / Declines
R2
SENSEX
24,610
24,964
25,187
25,541
25,765
Advances
NIFTY
7,468
7,578
7,650
7,760
7,831
Declines
Unchanged
BSE
NSE
1,464
295
1,211
1,234
115
57
Net Inflows (September 07, 2015)

Volumes (` cr)
` cr
Purch
Sales
Net
MTD
YTD
FII
2,350
3,153
(803)
(4,462)
119,299
BSE
2,668
742
370
372
2,562
73,210
NSE
16,034
MFs
FII Derivatives (September 08, 2015)

` cr
Purch
Sales
Net
Open Interest
Index Futures
2,110
1,308
802
21,923
Stock Futures
2,273
2,552
(279)
44,931
Gainers / Losers
Gainer
Company
Price (`)
chg (%)
74
9.6
AMTEKAUTO
1,878
8.9
SUNASIAN
JSWENERGY
UNITECH
Loser
SAIL
CROMPGREAV
NCC
www.angelbroking.com
Company
52
8.4
PAGEIND
166
7.2
PMCFIN
59
7.1
RCOM
Price (`)
chg (%)
27
(6.0)
164
(5.0)
12,950
(4.8)
(4.7)
56
(4.3)
Market Outlook
September 9, 2015
Infosys Cleared of Visa Violation Charges in US

The US government has found no visa violations by IT major Infosys after a probe
that lasted nearly three months. The US had initiated investigation against Infosys
and its rival Tata Consultancy Services for possible violations of H1-B visa rules in
June 2015. The investigation came on the back of a complaint by two US
Senators, who alleged that the two companies used a US visa programme to
"replace hundreds of American workers" at a power company. Indian outsourcers
are among the biggest recipients H-1B visas, which are intended for highly skilled
workers. We maintain our buy with a price target of `1306 and remain positive on
the IT space.
JK Tyres to enter two wheeler segment via trading route

JK Tyre & Industries (JKT), the country's third-largest tyre maker, plans to enter the
two wheeler segment through the trading route. JK will not invest in manufacturing
in house but plans to outsource and sell two-wheeler tyres. The company is
working on signing up with vendors and is exploring both local and international
players. It plans to service both the aftermarket and OEM (original equipment
manufacturer) segment.
JK Tyres debt to equity ratio is amongst the highest in the tyre industry (currently
stands at about 2x) and any additional investment into manufacturing would have
increased the leverage further. By adopting the outsourcing model, JKT can tap the
two wheeler space without stretching the balance sheet. Entry into two wheeler
segment would provide additional opportunity for JKT.
JKT expects revenue to grow by about 10% in the short term and is looking to cater
to industrial customers and sell off-the-road category of tyres. We currently have
Buy rating on the stock.
Economic and Political News
PM asks industry to take risk, invest; India Inc wants rate cut
Govt considers safeguard duty on steel after import surge
Diamond industry fears more job losses as China slows
Corporate News
Britannia may set up a plant in Andhra Pradesh.

US Labor dept finds no violations in visa case: Infosys
JSW Energy concludes acquisition of Jaypee's `9,275-cr hydro assets in
Himachal
Market Outlook
September 9, 2015
Top Picks
Large Cap
Buy
CMP
(`)
725
Target
(`)
872
Upside
(%)
20.3
1,12,575
Buy
474
704
48.6
Financials
1,51,585
Buy
261
373
42.9
IT
2,43,315
Buy
1,059
1,306
23.3
8,262
Buy
372
505
35.6
21,044
Buy
417
570
36.7
65,656
Buy
126
170
35.5
IT
4,97,928
Buy
2,542
3,168
24.6
IT
51,668
Buy
537
646
20.3
Company
Sector
Aurobindo
Pharma
Axis Bank
Financials
ICICI Bank
Infosys
Inox Wind
Capital Goods
LIC HFL
Financials
Power Grid
Power
TCS
Tech Mahindra
Yes Bank
Financials
Sun Pharma
Pharma
Market Cap
(` Cr)
42,346
29,124
2,03,428
Rating
Buy
696
951
36.6
Accumulate
845
950
12.4
Source: Angel Research, Bloomberg
Mid Cap
Company
Sector
Bajaj Electricals
Others
Market Cap
(` Cr)
2,382
Garware Wall RopesOthers
598
JK Tyre
Auto Ancillary
Target
(`)
341
Upside
(%)
44.4
Buy
273
390
42.8
2,258
Buy
100
129
29.6
MBL Infrastructures Construction
999
Buy
241
360
49.4
Minda Industries
Auto Ancillary
783
Buy
494
652
32.1
MT Educare
Others
490
Buy
123
169
37.2
Radico Khaitan
Others
1,117
Buy
84
112
33.4
Surya Roshni
Others
503
Buy
115
183
59.3
Tree House
Others
1,632
Buy
386
449
16.4
Source: Angel Research, Bloomberg
Buy
CMP
(`)
236
Rating
Market Outlook
September 09, 2015
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
September 9, 2015
2:00PM
UK
Industrial Production (YoY)
% Change
Jul
1.50
1.40
September 10, 2015
6:00PM
US
Initial Jobless claims
Thousands
Sep 5
282.00
275.00
India
Imports YoY%
% Change
Aug
(10.28)
--
India
Exports YoY%
% Change
Aug
(10.30)
--
7:00AM
China
Consumer Price Index (YoY)
% Change
Aug
1.60
1.80
4:30PM
UK
BOE Announces rates
% Ratio
Sep 10
0.50
0.50
September 11, 2015
5:30PM
India
Industrial Production YoY
% Change
Jul
3.80
2.30
September 13, 2015
11:00AM
China
Industrial Production (YoY)
% Change
Aug
6.00
6.30
September 14, 2015
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Aug
(4.05)
--
September 15, 2015
6:45PM
US
Industrial Production
Aug
0.56
(0.20)
2:00PM
UK
CPI (YoY)
% Change
Aug
0.10
--
2:00PM
UK
Jobless claims change
% Change
Aug
(4.90)
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Aug F
0.20
--
6:00PM
US
Consumer price index (mom)
% Change
Aug
0.10
(0.10)
6:00PM
US
Building permits
Thousands
Aug
1,130.00
1,130.00
6:00PM
US
Housing Starts
Thousands
Aug
1,206.00
1,150.00
September 16, 2015
September 17, 2015
11:30PM
US
FOMC rate decision
Sep 17
0.25
0.50
September 21, 2015
7:30PM
US
Existing home sales
Million
Aug
5.59
--
September 22, 2015
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Sep A
(6.90)
--
September 23, 2015
1:00PM
Germany PMI Services
Value
Sep P
54.90
--
1:00PM
Germany PMI Manufacturing
Value
Sep P
53.30
--
September 24, 2015
7:30PM
US
New home sales
Thousands
Aug
507.00
--
September 25, 2015
6:00PM
US
GDP Qoq (Annualised)
% Change
2Q T
3.70
--
September 29, 2015
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Sep
101.54
--
11:00AM
India
RBI Reverse Repo rate
Sep 29
6.25
--
11:00AM
India
RBI Repo rate
Sep 29
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Sep 29
4.00
--
1:25PM
Germany Unemployment change (000's)
Thousands
Sep
(7.00)
--
2:00PM
UK
GDP (YoY)
% Change
2Q F
2.60
--
6:30AM
China
PMI Manufacturing
Value
Sep
49.70
--
2:00PM
UK
PMI Manufacturing
Value
Sep
51.50
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Sep
173.00
--
6:00PM
US
Unnemployment rate
Sep
5.10
--
September 30, 2015

October 1, 2015
October 2, 2015
Source: Bloomberg, Angel Research
Market Outlook
September 9, 2015
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

(%)
4.0
1QFY16
4QFY15
3QFY15
2QFY15
1QFY15
4QFY14
3QFY14
2QFY14
1QFY14
4QFY13
3QFY13
2QFY13
3.0
Source: CSO, Angel Research
0.5
(2.7)
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
8.0
7.0
Mfg. PMI
56.0
7.0
Services PMI
54.0
5.6
6.0
5.0
2.5
Jun-15
4.7
2.5
May-15
5.0
6.6
3.8
3.4
2.8
2.6
Apr-15
5.0
7.0
Mar-15
6.0
6.7
Feb-15
6.4
6.3
6.7
4.8
3.6
Jan-15
7.0
7.0
5.2
6.0
5.0
4.0
3.0
2.0
1.0
(1.0)
(2.0)
(3.0)
(4.0)
Dec-14
8.0
7.5
Nov-14
7.5
Oct-14
8.4
Sep-14
9.0
Aug-14
(%)
5.2
4.6
5.4
5.3
4.3
4.9
5.0
5.4
3.3
4.0
3.0
52.0
3.8
50.0
48.0
2.0
1.0
46.0
Source: MOSPI, Angel Research
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
Dec-14
Oct-14
Nov-14
Sep-15
Aug-15
Jul-15
CRR
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Reverse Repo rate
Jan-15
Nov-14
Sep-14
Jul-15
Jun-15
May-15
3.00
Apr-15
4.00
(30.0)
Mar-15
5.00
(20.0)
Feb-15
(10.0)
Jan-15
6.00
Dec-14
0.0
Nov-14
7.00
Oct-14
8.00
10.0
Repo rate
(%)
9.00
Dec-14
Imports yoy growth
20.0
Sep-14
Sep-14
Exhibit 6: Key policy rates
Oct-14
Exports yoy growth
Aug-14
Aug-14
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
30.0
44.0
Jul-14
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Source: RBI, Angel Research
Market Outlook
September 9, 2015
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
7.0
4.9
4.0
2.8
1.6
(6.0)
1.0
0.7
France
USA
UK
Thailand
Malaysia
Indonesia
(4.0)
South Africa
Russia
China
(4.6)
India
(2.6)
Brazil
(2.0)
2.7
1.2
2.0
-
2.6
Japan
4.7
Germany
5.3
6.0
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
6.8
(6.0)
3.1
1.6
1.2
1.0
Japan
2.7
France
Thailand
Malaysia
(4.0)
Indonesia
(2.0)
South Africa
China
(3.8)
India
(1.0)
Russia
2.0
Brazil
2.0
3.7
Germany
4.0
4.8
USA
5.2
6.0
UK
7.5
8.0
Source: IMF, Angel Research
15.3
12.4
14.8
14.6
12.5
Malaysia
Thailand
UK
USA
Germany
14.0
13.5
Indonesi
a
Japan
16.3
South
Africa
15.0
12.8
China
France
16.7
India
5.5
Russia
Brazil
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
11.9
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Market Outlook
September 9, 2015
Exhibit 4: Relative performance of indices across globe

Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
46,762
(6.5)
(11.5)
(24.4)
Brazil
Bovespa
Russia
Micex
1,714
1.4
3.0
16.2
India
Nifty
7,688
(10.2)
(5.4)
(4.9)
China
Shanghai Composite
3,170
(12.5)
(37.6)
45.9
South Africa
Top 40
44,107
(6.0)
(4.0)
(4.9)
Mexico
Mexbol
43,084
(4.0)
(3.4)
(7.1)
Indonesia
LQ45
727
(9.5)
(16.5)
(17.5)
Malaysia
KLCI
1,587
(6.3)
(8.8)
(14.9)
Thailand
SET 50
898
(4.3)
(9.7)
(14.5)
USA
Dow Jones
16,493
(5.3)
(7.2)
(3.1)
UK
FTSE
6,146
(8.9)
(9.0)
(10.0)
Japan
Nikkei
17,427
(15.9)
(13.3)
13.0
Germany
DAX
10,271
(10.6)
(8.8)
5.3
France
CAC
4,598
(10.8)
(6.8)
3.5
Market Outlook
September 09, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY16E
OPM(%)
EPS ( )
FY17E
FY16E
FY17E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Agri / Agri Chemical

Rallis
Neutral
206
4,015
2,075
2,394
14.4
14.4
9.5
11.0
21.7
18.8
4.3
3.7
21.1
21.3
2.0
1.7
United Phosphorus
Neutral
520
22,270
13,698
15,752
17.6
17.6
32.1
38.5
16.2
13.5
3.2
2.6
21.4
21.3
1.7
1.4
Auto & Auto Ancillary

Ashok Leyland
Buy
Bajaj Auto
Accumulate
82
97
23,336
18,186
21,529
10.8
11.2
3.3
4.5
24.9
18.2
4.2
3.9
17.3
21.6
1.2
1.0
2,210
2,438
63,944
23,544
27,245
19.8
19.8
127.0
143.4
17.4
15.4
5.3
4.5
30.3
29.4
2.3
1.9
Eicher Motors
Hero Motocorp
Buy
17,234
22,859
46,778
11,681
15,550
15.3
16.9
358.5
564.3
48.1
30.5
14.4
10.7
29.8
34.9
3.9
2.9
Buy
2,317
2,672
46,274
28,500
32,764
14.1
14.3
146.9
167.0
15.8
13.9
6.0
5.1
37.8
36.5
1.5
1.2
440
691
1,254
1,394
11.6
11.8
35.9
41.7
12.3
10.6
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Buy
1,146
1,383
71,183
38,337
43,069
13.0
13.4
52.9
63.5
21.7
18.1
3.2
2.9
15.0
15.9
1.5
1.3
Maruti
Accumulate
4,142
4,735
125,116
58,102
68,587
16.7
16.9
182.0
225.5
22.8
18.4
4.5
3.9
19.9
21.0
1.9
1.6
Minda Industries
Buy
494
652
783
2,567
2,965
7.3
8.0
38.8
54.3
12.7
9.1
1.8
1.5
14.4
16.8
0.4
0.3
Rane Brake Lining
Buy
283
366
224
454
511
11.1
11.4
23.8
28.1
11.9
10.1
1.7
1.5
14.2
15.3
0.6
0.6
Setco Automotive
Neutral
221
592
594
741
12.7
13.7
8.4
15.8
26.4
14.0
2.7
2.4
10.4
16.9
1.4
1.2
Tata Motors
Buy
332
391
95,769 264,038 297,882
13.8
13.9
34.5
38.9
9.6
8.5
1.6
1.4
17.6
16.8
0.5
0.5
TVS Motor
Neutral
220
10,473
11,702
13,713
6.8
7.7
10.1
14.5
21.8
15.2
5.3
4.3
24.5
28.3
0.9
0.7
Amara Raja Batteries
Accumulate
899
979
15,359
5,101
6,224
17.8
17.6
31.1
39.2
28.9
22.9
7.2
5.7
24.8
24.8
3.0
2.4
Exide Industries
Accumulate
148
159
12,593
7,363
8,247
13.7
14.5
6.6
7.7
22.5
19.2
2.8
2.6
12.6
13.3
1.4
1.3
Apollo Tyres
Neutral
177
9,012
12,576
12,978
16.8
16.1
22.3
19.9
7.9
8.9
1.4
1.2
17.2
13.4
0.8
0.8
Ceat
Accumulate
1,106
1,166
4,473
6,041
6,597
14.3
14.2
101.5
116.6
10.9
9.5
2.2
1.8
20.0
19.1
0.9
0.8
JK Tyres
Buy
100
129
2,258
7,446
7,669
15.2
14.0
19.6
18.4
5.1
5.4
1.3
1.1
25.2
19.5
0.7
0.6
Swaraj Engines
Accumulate
849
912
1,054
593
677
14.5
14.8
51.2
60.8
16.6
14.0
3.9
3.5
23.3
24.8
1.6
1.4
Subros
Neutral
78
466
1,268
1,488
11.6
11.9
3.7
6.6
21.0
11.8
1.4
1.3
6.8
11.4
0.7
0.6
Indag Rubber
Neutral
168
442
283
329
17.0
17.2
13.0
15.4
13.0
10.9
2.8
2.4
21.8
21.6
1.3
1.0
ACE
Neutral
35
350
660
839
4.7
8.2
1.0
3.9
35.4
9.1
1.1
1.0
3.2
11.3
0.7
0.5
BEML
Neutral
1,187
4,942
3,277
4,006
6.0
8.9
29.2
64.3
40.6
18.5
2.3
2.1
5.7
11.7
1.6
1.3
BGR Energy
Neutral
102
735
3,615
3,181
9.5
9.4
16.7
12.4
6.1
8.2
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
212
51,938
33,722
35,272
10.8
11.7
10.5
14.2
20.2
14.9
1.5
1.4
7.0
9.0
1.6
1.5
Blue Star
Accumulate
337
387
3,030
3,649
4,209
5.0
5.9
9.2
14.7
36.8
22.9
6.7
6.3
9.1
17.5
0.9
0.8
Crompton Greaves
Buy
166
204
10,429
13,484
14,687
4.9
6.2
4.5
7.1
37.0
23.4
2.6
2.4
7.2
10.8
0.9
0.8
Inox Wind
Buy
372
505
8,262
4,980
5,943
17.0
17.5
26.6
31.6
14.0
11.8
4.2
3.1
35.0
30.0
1.8
1.5
L G Balakrishnan & Bros Neutral
Capital Goods
Market Outlook
September 09, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
FY16E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Capital Goods
KEC International
Neutral
131
3,368
8,791
9,716
6.1
6.8
5.4
8.2
24.3
16.0
2.4
2.2
10.0
14.0
0.6
0.6
Thermax
Neutral
904
10,766
6,413
7,525
7.4
8.5
30.5
39.3
29.6
23.0
4.6
4.0
15.0
17.0
1.7
1.4
Cement
ACC
Accumulate
1,347
1,548
25,294
11,856
14,092
14.5
17.8
47.6
76.1
28.3
17.7
2.9
2.7
10.6
15.7
2.0
1.6
Ambuja Cements
Accumulate
209
233
32,365
10,569
12,022
20.7
22.2
8.7
10.7
24.0
19.5
3.0
2.9
13.0
15.2
2.7
2.3
India Cements
Buy
70
112
2,144
4,716
5,133
15.9
16.9
3.7
7.5
18.9
9.3
0.7
0.7
3.8
7.3
0.8
0.6
JK Cement
Buy
601
767
4,203
4,056
4,748
14.5
17.0
22.6
41.1
26.6
14.6
2.4
2.1
9.3
15.3
1.5
1.2
J K Lakshmi Cement
Buy
359
430
4,224
2,947
3,616
16.7
19.9
11.5
27.2
31.2
13.2
3.0
2.6
9.8
20.8
1.8
1.5
Mangalam Cements
Neutral
206
549
1,053
1,347
10.5
13.3
8.4
26.0
24.5
7.9
1.0
1.0
4.3
12.5
0.9
0.7
Orient Cement
Accumulate
165
183
3,376
1,854
2,524
21.2
22.2
7.7
11.1
21.4
14.9
3.1
2.7
13.3
15.7
2.6
1.8
Ramco Cements
Accumulate
Shree Cement^
Neutral
UltraTech Cement
Accumulate
319
350
7,605
4,036
4,545
20.8
21.3
15.1
18.8
21.2
17.0
2.6
2.3
12.9
14.3
2.4
2.1
10,426
36,322
7,150
8,742
26.7
28.6
228.0
345.5
45.7
30.2
6.7
5.7
15.7
20.3
4.8
3.9
2,885
3,282
79,161
27,562
31,548
20.4
22.3
111.9
143.3
25.8
20.1
3.7
3.2
15.2
16.8
2.9
2.5
Construction
ITNL
Neutral
88
2,175
7,360
8,825
34.0
35.9
1.0
5.0
88.2
17.6
0.4
0.4
0.3
1.4
3.7
3.6
KNR Constructions
Neutral
514
1,445
915
1,479
14.3
13.9
20.3
37.2
25.3
13.8
2.3
2.0
9.6
15.6
1.7
1.1
Larsen & Toubro
Buy
1,565
2,013
145,611
68,920
82,446
10.9
11.5
57.0
73.0
27.5
21.4
2.5
2.3
13.6
15.5
2.3
1.9
Gujarat Pipavav Port
Neutral
182
8,777
721
784
53.1
53.6
8.2
9.1
22.1
20.0
3.6
2.9
20.0
18.3
11.7
10.4
MBL Infrastructures
Buy
241
360
999
2,313
2,797
12.2
14.6
19.0
20.0
12.7
12.0
1.3
1.2
11.3
10.6
1.1
1.0
Nagarjuna Const.
Neutral
59
3,286
7,892
8,842
8.3
9.1
2.4
5.3
24.6
11.2
1.0
0.9
4.2
8.6
0.7
0.5
PNC Infratech
Neutral
470
2,412
1,798
2,132
13.2
13.5
22.0
30.0
21.4
15.7
1.9
1.7
11.5
11.4
1.4
1.2
Simplex Infra
Neutral
260
1,288
6,241
7,008
10.4
10.7
20.0
36.0
13.0
7.2
1.1
1.0
6.8
11.1
0.7
0.6
Financials
Allahabad Bank
Neutral
76
4,351
8,438
9,521
2.8
2.8
21.9
27.0
3.5
2.8
0.4
0.3
10.2
11.5
Axis Bank
Buy
474
701
112,575
26,941
32,298
3.5
3.6
37.4
46.4
12.7
10.2
2.6
2.2
18.7
20.0
Bank of Baroda
Neutral
178
39,254
19,027
21,737
1.9
2.0
16.9
24.5
10.5
7.2
1.0
0.9
9.1
12.1
Bank of India
Neutral
133
8,873
16,438
18,706
1.9
2.0
19.2
40.9
7.0
3.3
0.4
0.3
4.5
9.1
Canara Bank
Neutral
260
13,416
15,491
17,269
2.0
2.0
61.6
70.9
4.2
3.7
0.5
0.4
10.5
11.1
Dena Bank
Neutral
39
2,191
3,498
3,977
2.1
2.3
7.8
10.7
5.0
3.7
0.4
0.3
6.5
8.4
Federal Bank
Neutral
58
9,966
3,527
4,135
3.0
3.1
5.2
6.7
11.2
8.7
1.2
1.1
10.8
12.7
HDFC
Neutral
1,172
184,681
10,883
12,799
3.5
3.4
43.0
50.6
27.3
23.2
5.4
4.9
25.9
26.7
HDFC Bank
Buy
1,004
1,255
252,612
38,059
46,851
4.4
4.5
50.0
62.7
20.1
16.0
3.5
3.0
18.8
20.2
Market Outlook
September 09, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Financials
ICICI Bank
Buy
261
370
151,585
35,810
41,871
3.4
3.5
22.0
26.2
11.9
10.0
2.1
1.7
15.0
15.6
IDBI Bank
Neutral
56
8,902
9,860
10,978
1.8
1.9
9.3
15.6
6.0
3.6
0.4
0.4
6.4
10.1
Indian Bank
Neutral
126
6,071
6,267
7,171
2.4
2.5
25.4
32.1
5.0
3.9
0.4
0.4
8.0
9.3
LIC Housing Finance
Buy
417
570
21,044
2,934
3,511
2.3
2.3
30.9
36.8
13.5
11.3
2.2
1.9
16.8
17.5
Oriental Bank
Neutral
127
3,805
7,730
8,595
2.4
2.5
38.8
47.4
3.3
2.7
0.3
0.3
8.6
9.8
Punjab Natl.Bank
Neutral
133
24,638
23,446
26,624
2.8
2.9
17.8
27.5
7.5
4.8
0.7
0.6
8.5
12.1
South Ind.Bank
Neutral
21
2,815
1,930
2,215
2.4
2.4
2.6
3.6
8.0
5.8
0.8
0.7
9.9
12.5
St Bk of India
Buy
228
307
172,737
83,847
96,307
2.8
2.8
20.1
25.1
11.4
9.1
1.2
1.1
11.5
13.1
Union Bank
Neutral
160
10,150
12,755
14,439
2.3
2.4
31.5
39.9
5.1
4.0
0.6
0.5
9.9
11.6
Vijaya Bank
Neutral
35
3,007
3,594
3,969
1.8
1.9
5.8
7.1
6.0
4.9
0.5
0.5
8.2
9.3
Yes Bank
Buy
696
953
29,124
7,204
9,078
3.2
3.2
57.8
69.5
12.0
10.0
2.1
1.8
19.6
22.6
FMCG
Asian Paints
Neutral
793
76,036
16,553
19,160
16.0
16.2
17.7
21.5
44.9
36.9
11.9
10.7
29.4
31.2
4.4
3.8
Britannia
Neutral
2,842
34,094
8,065
9,395
9.6
10.2
47.2
65.5
60.2
43.4
20.0
18.9
38.3
41.2
4.1
3.5
Colgate
Accumulate
1,810
2,022
24,619
4,836
5,490
19.5
19.7
48.5
53.2
37.3
34.0
27.4
23.8
99.8
97.5
5.0
4.4
Dabur India
Neutral
274
48,163
9,370
10,265
17.1
17.2
7.3
8.1
37.4
33.9
11.3
9.2
33.7
30.6
5.0
4.6
GlaxoSmith Con*
Neutral
5,920
24,895
4,919
5,742
17.2
17.4
168.3
191.2
35.2
31.0
10.0
8.5
28.8
28.9
4.6
3.9
Godrej Consumer
Neutral
1,166
39,715
10,168
12,886
16.1
16.1
32.1
38.4
36.3
30.4
7.4
6.8
19.7
21.0
4.0
3.1
HUL
Neutral
802
173,638
34,940
38,957
17.5
17.7
20.8
24.7
38.6
32.5
42.9
34.3
110.5
114.2
4.8
4.3
ITC
Buy
313
409
251,133
41,068
45,068
37.8
37.4
13.9
15.9
22.5
19.7
7.5
6.6
34.1
33.8
5.7
5.2
Marico
Neutral
386
24,878
6,551
7,766
15.7
16.0
10.4
12.5
37.2
30.9
10.8
9.0
33.2
32.4
3.7
3.1
Nestle*
Accumulate
5,904
6,646
56,924
11,291
12,847
22.2
22.3
158.9
184.6
37.2
32.0
19.4
17.5
55.0
57.3
4.9
4.3
Tata Global
Buy
121
152
7,627
8,635
9,072
9.8
9.9
6.5
7.6
18.6
15.9
1.9
1.8
6.8
7.4
0.8
0.8
HCL Tech^
Buy
939
1,132
132,020
42,038
47,503
23.5
23.5
56.4
62.9
16.7
14.9
3.9
3.0
23.2
19.8
2.7
2.2
Infosys
Buy
1,059
1,306
243,315
60,250
66,999
28.0
28.0
58.3
63.7
18.2
16.6
3.8
3.3
20.9
19.7
3.4
2.9
TCS
Buy
2,542
3,168
497,928 108,420 123,559
28.8
28.7
127.2
143.9
20.0
17.7
8.0
7.4
39.9
41.8
4.2
3.6
Tech Mahindra
Buy
537
646
51,668
25,566
28,890
16.0
17.0
26.3
31.9
20.4
16.8
3.7
3.1
17.9
18.6
1.8
1.5
Wipro
Buy
562
719
138,870
52,414
58,704
23.7
23.8
38.4
42.3
14.6
13.3
2.9
2.6
19.5
18.0
2.2
1.8
D B Corp
Accumulate
313
356
5,745
2,241
2,495
27.8
27.9
21.8
25.6
14.4
12.2
3.8
3.3
26.7
28.5
2.5
2.2
HT Media
Neutral
74
1,729
2,495
2,603
11.2
11.2
7.3
8.6
10.2
8.6
0.8
0.7
7.4
8.1
0.2
0.2
IT
Media
Market Outlook
September 09, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
FY16E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Media
Jagran Prakashan
Buy
130
156
4,251
1,939
2,122
26.0
26.0
8.3
9.2
15.7
14.1
2.7
2.4
17.5
17.1
2.2
2.0
Sun TV Network
Hindustan Media
Ventures
Metals & Mining
Neutral
376
14,835
2,779
3,196
70.2
70.5
22.8
27.3
16.5
13.8
4.1
3.7
26.7
28.3
5.1
4.4
Buy
208
292
1,527
920
1,031
20.0
20.0
19.2
20.9
10.8
10.0
1.8
1.5
16.4
15.3
1.2
1.0
Coal India
Buy
338
400
213,304
72,015
78,415
21.2
21.5
21.7
25.3
15.5
13.4
5.3
5.2
33.1
39.1
2.2
2.0
Hind. Zinc
Neutral
131
55,204
15,258
16,495
44.2
45.6
17.6
19.2
7.4
6.8
1.2
1.0
15.9
15.3
1.3
0.9
Hindalco
Neutral
73
15,033 104,356 111,186
8.7
9.5
6.7
11.1
10.8
6.6
0.4
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
944
22,809
48,125
53,595
18.8
21.0
46.9
97.5
20.1
9.7
1.0
0.9
4.4
9.5
1.3
1.1
NMDC
Neutral
96
37,863
8,237
10,893
46.6
44.5
10.0
11.7
9.6
8.2
1.1
0.9
12.5
13.0
4.4
3.3
SAIL
Neutral
52
21,394
45,915
53,954
7.2
10.5
1.5
4.4
34.4
11.8
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
94
27,720
71,445
81,910
26.2
26.3
12.9
19.2
7.3
4.9
0.5
0.5
7.2
8.9
0.8
0.6
Tata Steel
Neutral
229
22,221 136,805 149,228
11.3
11.9
26.4
36.8
8.7
6.2
0.7
0.6
6.0
8.0
0.7
0.6
Cairn India
Neutral
145
27,092
11,323
12,490
49.4
51.0
20.7
20.7
7.0
7.0
0.5
0.4
6.4
6.1
1.5
0.8
GAIL
Neutral
295
37,426
64,856
70,933
9.1
9.6
24.0
28.9
12.3
10.2
1.1
1.0
8.8
9.6
0.8
0.7
ONGC
Neutral
230
196,691 154,564 167,321
36.8
37.4
28.6
32.5
8.0
7.1
1.0
0.9
12.7
13.5
1.5
1.4
Petronet LNG
Buy
178
210
13,376
40,785
3.8
4.2
9.2
11.0
19.5
16.3
2.2
2.0
11.6
12.7
0.4
0.4
Indian Oil Corp
Buy
392
455
95,261 359,607 402,760
5.9
6.1
42.5
48.7
9.2
8.1
1.2
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Accumulate
849
930
274,902 313,085 362,904
13.1
13.8
78.4
92.9
10.8
9.1
1.1
1.0
10.8
11.6
1.3
1.2
Alembic Pharma
Neutral
673
12,683
2,601
3,115
21.2
20.2
20.8
23.9
32.4
28.2
10.4
7.8
37.2
31.8
4.9
4.0
Aurobindo Pharma
Buy
725
872
42,346
14,923
17,162
23.0
23.0
38.2
43.6
19.0
16.6
5.8
4.4
36.0
30.2
3.2
2.7
Aventis*
Neutral
3,897
8,976
2,156
2,455
15.1
16.8
109.7
133.9
35.5
29.1
4.9
4.0
18.4
22.5
3.9
3.2
Cadila Healthcare
Neutral
1,784
36,535
10,224
11,840
20.0
21.0
71.0
85.6
25.1
20.9
6.7
5.3
30.1
28.5
3.6
3.1
Cipla
Neutral
649
52,158
14,359
16,884
21.3
19.7
28.4
30.5
22.9
21.3
4.1
3.4
19.3
17.5
3.6
3.0
Dr Reddy's
Neutral
3,979
67,832
17,903
20,842
22.7
22.8
160.5
189.5
24.8
21.0
5.0
4.2
22.2
21.7
3.7
3.2
Dishman Pharma
Buy
248
290
2,000
1,716
1,888
20.2
20.2
16.3
21.6
15.2
11.5
1.4
1.3
9.7
11.7
1.3
1.1
GSK Pharma*
Neutral
3,313
28,066
2,870
3,158
20.0
22.1
59.5
68.3
55.7
48.5
16.4
16.9
28.5
34.3
9.3
8.5
Indoco Remedies
Neutral
335
3,084
1,088
1,262
18.2
18.2
13.1
15.5
25.6
21.6
5.0
4.2
21.2
21.1
2.9
2.5
Ipca labs
Accumulate
Lupin
Neutral
Sun Pharma
Accumulate
Oil & Gas
39,007
Pharmaceuticals
738
800
9,305
3,507
4,078
17.6
18.6
25.8
32.0
28.6
23.1
3.7
3.2
13.8
14.9
2.9
2.5
1,821
81,971
14,864
17,244
26.9
26.9
62.1
71.1
29.3
25.6
7.1
5.6
27.4
24.6
5.2
4.4
845
950
203,428
28,163
32,610
25.8
30.7
17.4
26.9
48.6
31.4
4.6
4.0
13.0
16.6
6.7
5.6
Market Outlook
September 09, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
FY16E
PER(x)
P/BV(x)
RoE(%)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
EV/Sales(x)
FY17E
FY16E
FY17E
Power
Tata Power
Neutral
59
15,863
35,923
37,402
22.6
22.8
4.1
5.2
14.5
11.4
1.1
1.0
7.5
9.3
1.4
1.3
NTPC
Buy
115
157
94,452
87,064
98,846
23.5
23.5
11.7
13.2
9.8
8.7
1.1
1.0
11.4
12.1
2.1
1.9
Power Grid
Buy
126
170
65,656
20,702
23,361
86.7
86.4
12.1
13.2
10.4
9.5
1.5
1.4
15.6
15.1
8.1
7.5
Bharti Airtel
Neutral
347
138,610 101,748 109,191
32.1
31.7
12.0
12.5
28.9
27.7
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
146
52,587
34,282
36,941
32.0
31.5
5.9
6.2
24.8
23.6
2.3
2.1
9.9
9.3
2.1
2.0
Abbott India
Neutral
5,247
11,150
2,715
3,153
14.5
14.1
134.3
152.2
39.1
34.5
9.8
8.0
27.4
25.6
3.8
3.2
Bajaj Electricals
Buy
236
341
2,382
4,719
5,287
5.2
5.8
8.6
12.7
27.6
18.7
3.2
2.8
11.4
14.8
0.5
0.5
Finolex Cables
Neutral
235
3,596
2,728
3,036
10.8
11.0
14.4
16.8
16.3
14.0
2.5
2.2
15.2
15.3
1.1
0.9
Goodyear India*
Buy
511
655
1,179
1,953
1,766
12.4
12.0
67.4
59.6
7.6
8.6
1.9
1.6
27.7
20.2
0.4
0.4
Hitachi
Neutral
1,299
3,533
1,806
2,112
9.0
9.2
28.6
29.1
45.4
44.7
11.3
9.1
28.1
22.6
2.0
1.7
Jyothy Laboratories
Neutral
304
5,499
1,620
1,847
11.5
11.5
7.3
8.5
41.7
35.9
5.4
5.0
13.3
14.4
3.3
2.8
MRF
Accumulate
39,443
43,575
16,728
20,727
14,841
19.3
18.6 4,905.8 3,351.9
8.0
11.8
2.6
2.1
37.6
19.6
0.8
1.0
Page Industries
Neutral
13,103
14,615
1,929
2,450
19.8
20.1
229.9
299.0
57.0
43.8
25.2
17.5
52.1
47.1
7.6
6.0
Relaxo Footwears
Neutral
477
5,721
1,767
2,152
12.3
12.5
19.3
25.1
24.8
19.0
6.1
4.7
27.7
27.8
3.3
2.7
Siyaram Silk Mills
Buy
935
1,221
876
1,653
1,873
11.7
12.2
99.3
122.1
9.4
7.7
1.7
1.4
19.5
20.2
0.7
0.6
Styrolution ABS India*
Neutral
726
1,276
1,271
1,440
8.6
9.2
32.0
41.1
22.7
17.7
2.3
2.1
10.7
12.4
1.0
0.8
Tree House
Buy
386
449
1,632
259
324
56.8
56.8
17.0
21.7
22.7
17.8
2.3
2.1
10.1
11.5
6.2
5.1
TVS Srichakra
Buy
2,385
3,210
1,826
2,127
2,388
15.2
14.9
237.7
267.5
10.0
8.9
4.3
3.0
51.7
39.8
0.9
0.8
HSIL
Buy
Kirloskar Engines India
Accumulate
Ltd
M M Forgings
Buy
247
434
1,782
2,085
2,436
18.5
18.6
21.7
28.9
11.4
8.5
1.1
1.0
10.0
12.1
1.0
0.8
273
297
3,947
2,634
3,252
10.1
12.0
10.9
17.4
25.0
15.7
2.8
2.5
11.4
16.8
1.1
0.9
563
797
679
563
671
22.1
22.9
51.0
66.5
11.0
8.5
2.3
1.8
23.1
24.1
1.4
1.1
Banco Products (India)
Neutral
115
823
1,208
1,353
11.0
12.3
10.8
14.5
10.7
8.0
1.2
1.1
11.9
14.5
0.6
0.6
Competent Automobiles Neutral
138
85
1,007
1,114
3.1
3.1
23.7
28.2
5.8
4.9
0.8
0.7
13.9
14.6
0.1
0.1
Nilkamal
Buy
870
1,005
1,298
1,948
2,147
10.6
10.3
60.0
67.0
14.5
13.0
2.3
2.0
16.8
16.1
0.7
0.6
Visaka Industries
Buy
Transport Corporation of
Buy
India
Elecon Engineering
Buy
128
166
203
1,158
1,272
8.6
9.5
23.7
32.7
5.4
3.9
0.5
0.5
10.1
12.5
0.3
0.3
224
293
1,703
2,830
3,350
8.8
9.0
14.4
18.3
15.6
12.2
2.4
2.1
15.4
17.1
0.7
0.6
65
87
708
1,452
1,596
14.0
14.7
4.4
6.2
14.7
10.4
1.2
1.1
8.6
11.2
0.8
0.7
Surya Roshni
Buy
115
183
503
2,992
3,223
8.3
8.5
14.7
18.3
7.8
6.3
0.7
0.7
9.8
11.0
0.5
0.4
MT Educare
Buy
123
169
490
286
366
18.3
17.7
7.7
9.4
15.9
13.1
3.4
2.9
20.2
21.1
1.6
1.2
Telecom
zOthers
Market Outlook
September 09, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
FY16E
PER(x)
P/BV(x)
RoE(%)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
EV/Sales(x)
FY17E
FY16E
FY17E
zOthers
Radico Khaitan
Buy
84
112
1,117
1,565
1,687
11.9
12.4
5.4
6.6
15.5
12.7
1.2
1.2
8.0
9.0
1.2
1.2
Garware Wall Ropes
Buy
273
390
598
875
983
10.4
10.6
23.1
27.8
11.8
9.8
1.7
1.5
14.1
14.8
0.7
0.6
Wonderla Holidays
Buy
270
322
1,528
206
308
44.0
43.6
9.0
12.9
30.0
21.0
4.1
3.7
13.7
17.8
7.3
4.9
Linc Pen & Plastics
Buy
150
185
222
340
371
8.3
8.9
10.8
13.2
13.9
11.4
2.2
1.9
16.0
17.1
0.7
0.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 08, 2015
Market Outlook
September 09, 2015
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
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entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000000164.
Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities
Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in
the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co-managed public
offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as an officer,
director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by
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Market Outlook

OIL & GAS

News & Result Analysis

Infosys Cleared of Visa Violation Charges in US

Refer detailed news analysis on the following page

Net Inflows (September 07, 2015)

FII Derivatives (September 08, 2015)

Infosys Cleared of Visa Violation Charges in US

JK Tyres to enter two wheeler segment via trading route

Economic and Political News

Britannia may set up a plant in Andhra Pradesh.

Source: Angel Research, Bloomberg

Garware Wall RopesOthers

MBL Infrastructures Construction

Source: Angel Research, Bloomberg

Country Event Description

Industrial Production (YoY)

September 10, 2015

Initial Jobless claims

Consumer Price Index (YoY)

BOE Announces rates

September 11, 2015

Industrial Production YoY

September 13, 2015

Industrial Production (YoY)

September 14, 2015

Monthly Wholesale Prices YoY%

September 15, 2015

Jobless claims change

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

September 16, 2015

September 17, 2015

FOMC rate decision

September 21, 2015

Existing home sales

September 22, 2015

Euro Zone Euro-Zone Consumer Confidence

September 23, 2015

Germany PMI Services

Germany PMI Manufacturing

September 24, 2015

New home sales

September 25, 2015

GDP Qoq (Annualised)

September 29, 2015

RBI Reverse Repo rate

RBI Repo rate

RBI Cash Reserve ratio

Germany Unemployment change (000's)

Change in Nonfarm payrolls

September 30, 2015

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI